Bally’s reports 21% revenue rise in Q3 while managing multiple fronts

Bally’s Corp reported group revenue of $807.6 million in the third quarter, an increase of 21% year-on-year, according to a preliminary report published on 11 November 2026. The growth was driven mainly by Intralot’s B2B and B2C divisions, whose combined revenue rose 55% year-on-year to $333.9 million. The company said it will file an extension with the Securities and Exchange Commission to submit its full report at a later date.

Third-quarter results

The group recorded adjusted EBITDAR of $179.6 million, up 2% versus the same period last year. Casino segment revenue rose 3% to $408.6 million, partly attributable to land-based moves at its riverboats in Baton Rouge and Marquette; the segment’s EBITDAR remained flat at $107 million.

Growth from Intralot was the primary driver: the B2B and B2C combination billed $333.9 million, +55% year-on-year, although the combined EBITDAR of those units fell 3% to $89.1 million. Bally’s North America interactive revenue rose 25% to $62.6 million, and the segment’s EBITDAR narrowed its losses from $6 million last year to $3.1 million this year.

In Tuesday trading Bally’s share fell nearly 4% and closed at $11.47, leaving its year-to-date performance at -31%.

"Our development projects remain on track, our execution is improving results across every segment, and market conditions remain stable as we head into the fourth quarter and 2027," said Robeson Reeves, CEO of Bally’s, in the accompanying statement.

Problems in Australia and the The Star matter

Bally’s closed the acquisition of a majority stake in Star Entertainment for $138 million at the end of 2025, before the federal case over historical anti-money-laundering breaches was resolved. The federal government imposed a fine of A$260 million (US$178.5 million) on Star Entertainment for those breaches.

Star was forced to exit its Brisbane joint venture due to financial stress and now operates only two properties: Star Sydney and Star Gold Coast. New South Wales regulators announced in September that Star Sydney’s licence will remain suspended until 30 June 2027, almost five years after the initial suspension in 2022 for the conduct that led to the fine.

In a lengthy statement on 28 October, Bally’s said it "recognises the seriousness of the historical conduct underlying the proceedings" and "welcomes the opportunity" to demonstrate operational, cultural and regulatory changes implemented. The company added that in fiscal 2026’s fourth quarter the Sydney and Gold Coast properties recorded their biggest revenue increases since at least 2024.

"The circumstances at The Star today are materially different from when we first became involved," said Soo Kim, Bally’s chairman. "Bally’s has decades of experience operating casinos in highly regulated jurisdictions, and we believe that expertise, combined with the commitment of The Star’s leadership and team members, is making a meaningful difference."

U.S. projects and funding

Chicago remains the project closest to completion among Bally’s U.S. developments. The permanent casino in Chicago, with a budget of $1.8 billion, was originally scheduled to open in September, but the date was pushed to 2027 after a 12-month extension to the temporary licence granted by Illinois legislators over the summer. Bally’s has paused work on certain non-gaming elements in response to the city council’s legalisation of video gaming terminals (VGT) in the annual budget. Officials say the casino, event centre, dining outlets and 100 hotel rooms will be ready on time, although around 12% of the project is being re-evaluated due to possible competition from VGT.

Soo Kim said on a 14 September call: "Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations. And let me say this again – we remain fully committed to Chicago." Gaming and Leisure Properties, Bally’s principal lender and owner of the real estate assets, has shown calm in the face of delays. GLPI has almost $1 billion committed to the Chicago project. Brandon Moore, president of Gaming and Leisure Properties, said on the earnings call that the slowdown "doesn't change how we view the market or how we ultimately think that property will perform."

In Las Vegas, the $1.19 billion mixed-use development on the Strip has shown little progress over the past year and local stakeholders are impatient. The project abuts the future Las Vegas A's stadium and there is concern the team may have to build its own infrastructure if Bally’s does not secure additional financing. At a Las Vegas Stadium Authority meeting this month, representatives of the A's, Bally’s and GLPI discussed solutions but reached no formal agreements. GLPI has said it could contribute between $200 million and $250 million, but that is conditional on resolving "a couple of commercial matters" between Bally’s and the A's, according to the Las Vegas Review-Journal. Sandy Dean, senior adviser to the A's, said the team "is needing to have a contingency plan" amid the uncertainty.

Bronx project financing

Bally’s Bronx resort has an estimated budget of $4 billion, larger than Chicago and Las Vegas combined. On 2 October Bally’s announced the close of $560 million in financing with WhiteHawk Capital Partners: $400 million available immediately and $160 million in future draws. Soo Kim said this financing "allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule." Bally’s Bronx is scheduled to open in 2030.

The quarter’s financial results and the complex project map leave Bally’s with significant operational and regulatory obligations across multiple jurisdictions while it seeks liquidity and financing solutions.